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Electrovaya Receives Funding from the Government of Canada
C$2 million in funding to support investments in Electrovaya's Canadian facility for automation a...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Receives Funding from the Government of CanadaC$2 million in funding to support investments in Electrovaya's Canadian facility for automation and capacity enhancements TORONTO, ON / ACCESSWIRE / October 17, 2024 / Electrovaya Inc. (\"Electrovaya\" or the \"Company\") (NASDAQ:ELVA)(TSX:ELVA.TO), a lithium ion battery technology and manufacturing company, announced a C$2-million investment from the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). This funding will be used to support investments in automation, AI and capacity enhancements at Electrovaya's Mississauga, Ontario manufacturing facility. \"We are pleased to receive this non-dilutive funding from FedDev Ontario, which will be used to support further investments in our Canadian operations,\" said Dr. Raj DasGupta, CEO of Electrovaya. \"This funding will help assist the company in its goal to scale deployments of its Infinity Lithium Ion Battery technology in a wide range of applications that require industry leading safety and longevity including robotics, material handling, locomotives and other mission critical applications.\"\"Southern Ontario has a rapidly growing EV sector and is home to many leading manufacturers across the EV supply chain that are using their expertise and talent to drive our EV sector forward,\" said the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario. \"The Government of Canada is committed to supporting these companies, including Electrovaya, as they help Canada to make progress towards its goal of reaching net-zero emissions and build a competitive EV sector in the region.\"For more information, please contact:Investor and Media Contact:Jason RoyVP, Corporate Development and Investor RelationsElectrovaya [email protected] MaasHayden [email protected] HutchinsonPress SecretaryOffice of the Minister responsible for the Federal Economic Development Agency for Southern [email protected] Electrovaya Inc.Electrovaya Inc. (NASDAQ:ELVA) (TSX:ELVA) is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries. The Company has extens...